By Markus Heitkoetter
Stocks opened the trading session higher and never looked back. At the end of the day stocks were higher across the board, ending with the best gains of the year.
The S&P rallied 2% to close at 1941.28. Today’s gain was the best since October 2013 and the 4th consecutive up day.
Once again the DOW lagged the major indices, although a triple digit 215 point gain is still impressive. With today’s 1.31% gain and close at 16614.81, the DOW is back in positive territory for the year with a .2% gain.
Stocks found strength after Reuters reported that the European Central Bank (ECB) would be buying corporate bonds. This led to an overnight rally and U.S. market gap higher. Later the ECB denied the corporate bond buying rumors. But better New Home Sales and positive earnings from Apple (AAPL) kept the rally going and helped fuel the NASDAQ’s impressive 2.4% gain.
Gold (GC) has been a nice trending market this year and has recently found strength after testing the $1200 mark.
A Power Crossover Method Buy Signal was identified on 10th Oct 2014. With an entry at $1225.8 Power Crossover traders using the Average Daily Range are looking for a target at $1277.3. With the indicators remaining bullish we’ve moved halfway to target over the last few trading sessions.